Theme park files for bankruptcy after $116 million wrongful death ruling
A popular theme park in Colorado has filed for Chapter 11 bankruptcy following a large wrongful death judgment against in last year.
Parent company Glenwood Caverns Holdings LLC filed for Chapter 11 last week in the U.S. Bankruptcy Court of Delaware.
A child fell to her death on the Haunted Mine Drop attraction in 2021.
The family successfully sued and won a wrongful death judgement of $205 million in damages.
This was later reduced to $116 million.
At the time park management said: “The size of the total jury verdict award puts the existences of Glenwood Caverns at serious risk. Hundreds of local jobs are in peril.”
An investigation found the girl was not properly secured on the ride, and fell more than 100 feet to her death.
Glenwood Caverns says it plans to continue ‘with no impact to day-to-day operations or scheduled events” while it goes through bankruptcy restructuring.
“We recognize the unimaginable loss of the Estifanos family. Our decision to pursue Chapter 11 is the most responsible path to stabilize the business,” it said.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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